HB 251-BD OF TRUSTEES OF THE AK PERM. FUND CORP.                                                                    
                                                                                                                                
3:33:20 PM                                                                                                                    
                                                                                                                                
CHAIR KREISS-TOMKINS  announced that the first  order of business                                                               
would be  HOUSE BILL NO.  251, "An Act  relating to the  Board of                                                               
Trustees of the Alaska Permanent  Fund Corporation; and providing                                                               
for an effective date."                                                                                                         
                                                                                                                                
3:33:42 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE  ANDY JOSEPHSON,  Alaska State  Legislature, prime                                                               
sponsor  of HB  251,  said he  would  appreciate the  committee's                                                               
support of  the bill.   He  characterized the  memorandum, titled                                                               
"APFC Board  of Trustees  Consideration of  HB 251"  [included in                                                               
the committee packet],  from the Board of Trustees  of the Alaska                                                               
Permanent  Fund Corporation  (APFC) as  "not unreceptive"  of the                                                               
legislation.  The board believed  that the bill would potentially                                                               
politicize  the  appointment   process;  however,  Representative                                                               
Josephson contended that  HB 251 would add a  layer of protection                                                               
between political influence and board member selection.                                                                         
                                                                                                                                
CHAIR KREISS-TOMKINS invited questions from committee members.                                                                  
                                                                                                                                
3:34:50 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE EASTMAN  inquired about  the rationale  behind the                                                               
six-year term for the socially responsible investor (SRI) seat.                                                                 
                                                                                                                                
REPRESENTATIVE JOSEPHSON  clarified that  all members  would have                                                               
six-year  terms.   He  explained  that the  SRI  member would  be                                                               
selected so that he/she would  start a six-year term immediately,                                                               
rather than being "rotated faster."                                                                                             
                                                                                                                                
3:35:32 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE CLAMAN  moved to  report HB  251 out  of committee                                                               
with  individual  recommendations  and  the  accompanying  fiscal                                                               
notes.  There being no objection,  HB 251 was reported out of the                                                               
House State Affairs Standing Committee.